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Estate Agents & Above Asking Price

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Yep, especially in Berkshire. If a half decent two bed comes on at £250k or there abouts, there is a scrum to offer up to £300k. The problem being we've all been waiting so long a flood of ftbs descends on anything in that price bracket around here (West Berks). So they sell quick and go for more than asking (usually to someone with family money or an investor). Leaving us 'ordinary' ftbers back at square one.

I'm quite fed up waiting for a hpc tbh. There doesn't seem to be one in our neck of the woods. At least the house we rent is nice enough to stay in while we wait (and wait, and wait, and wait).

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Yep, especially in Berkshire. If a half decent two bed comes on at £250k or there abouts, there is a scrum to offer up to £300k. The problem being we've all been waiting so long a flood of ftbs descends on anything in that price bracket around here (West Berks). So they sell quick and go for more than asking (usually to someone with family money or an investor). Leaving us 'ordinary' ftbers back at square one.

I'm quite fed up waiting for a hpc tbh. There doesn't seem to be one in our neck of the woods. At least the house we rent is nice enough to stay in while we wait (and wait, and wait, and wait).

You are in one of the tightest markets in the SE. It will ease as the winter comes and the cuts and the prospect of inflation and rate rises kick in. Once it takes hold......the end game will apply. It always takes sooooooooooo long to sort out and I sympathise.

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It's madness round here. Just saw a nice two bed semi in Aldermaston. The bedrooms are 11"x9" and 9"x8" (so one double and a babies room). No garden to speak of. Only enough parking on the frontage for one car.

Do you know how much it went up for!?! £395k!!!!! Just reduced to £380k...Bargain...not...

John Redwood is our MP too, so it's no good writing to him to complain about the state of things. He'll just tell me we're 'lazy' or unaspirational or something for not being willing to spend that much on a pretty shoebox.

Ba5tard5.

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Hi Jessica and Plummet

I live in South Wales where thankfully the properties are a lot less than in the SE. I am not a first time buyer, just a mum who is trying to purchase an affordable property for my 2 sons. I was hoping that after renting it out for a few years, they could sell it and use the equity and rental income to get their foot on the house ladder.

I have made an offer on 2 different houses (one of which was a cash buy or investor only)and despite having the cash and offering above the asking price, my offer was declined. With the first property, I had a copy of the letter which was sent to the vendor, clearly indicating my offer had been declined. With the second (cash only property)I had a letter stating my offer had been declined but with no vendor address. Is it standard practice for an Estate Agent to address a refusal of offer letter from themselves with no vendor/bank address? The reason why I ask is that having read about brown envelopes stuffed with notes changing hands, I have a funny feeling that with the cash property the morgagee in possession of the property were unaware of my offer and it has been sold to a builder at a lower price.

Would appreciate your thoughts

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Hi Masked Tulip

Sorry I did not include you in my last post. I only saw your post after I sent mine. What you said is interesting as the properties I have spoken about are in Swansea!

If you are referring to Swansea then you need to read my posts on this forum and on the general forum over the past 3 to 6 months to get an idea of what is happening in Swansea. Also, many other Swansea people post on here.

Several estate agent contacts I know have told me the maket has basically ground to a halt and I know numerous anecdotals of houses, at the cheapest end of the price range and the highest, which are having no viewings. If you use a combination of the Mozilla Firefox web browser and download the Property Plugin for it you can look, via the Rightmove, at all the local price drops in asking prices.

I would not trust any EA re putting in my offer to a seller - always post your offer in writing through the letterbox or hand it to the seller.

With the public sector cuts going to hit Swansea in the next 12 months I personally expect there to be many forced sellers once they lose their jobs. I have heard on the grapevine of thousands of job cuts yet to be publicly announced in various public sector organisations in the city.

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If you are referring to Swansea then you need to read my posts on this forum and on the general forum over the past 3 to 6 months to get an idea of what is happening in Swansea. Also, many other Swansea people post on here.

Several estate agent contacts I know have told me the maket has basically ground to a halt and I know numerous anecdotals of houses, at the cheapest end of the price range and the highest, which are having no viewings. If you use a combination of the Mozilla Firefox web browser and download the Property Plugin for it you can look, via the Rightmove, at all the local price drops in asking prices.

I would not trust any EA re putting in my offer to a seller - always post your offer in writing through the letterbox or hand it to the seller.

With the public sector cuts going to hit Swansea in the next 12 months I personally expect there to be many forced sellers once they lose their jobs. I have heard on the grapevine of thousands of job cuts yet to be publicly announced in various public sector organisations in the city.

Thanks Masked Tulip, I will do as you suggest!

Regards

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Thanks Masked Tulip, I will do as you suggest!

Regards

Masked Tulip gives good advice regarding the written offer.

I think most EA's do things how they want to. Some will stick to NAEA guidelines and some will not bother. I suppose now that most are trying to save money where they can, then they will not even bother sending out letters regarding offers and just use e-mail to confirm something in writing.

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Masked Tulip gives good advice regarding the written offer.

I think most EA's do things how they want to. Some will stick to NAEA guidelines and some will not bother. I suppose now that most are trying to save money where they can, then they will not even bother sending out letters regarding offers and just use e-mail to confirm something in writing.

There is a house I am interested in with one of the more pricer EAs. Been on the market for a year and has had an 'Under Offer' sign on it for 6 or 7 months now. I have regularly enquired about this house and the EA simply says "It is going through this week" but they have been saying that weekly now since about July.

I am going to pop down and knock on the door today or tomorrow - doubt it will help as I think it is a second home owner living away... but either the EA is talking balls or they have it listed in their office whilst, IMPO, the seller no longer has the listing with them or anyone.

I might even go and view a house in the Mayals which I viewed last year for 320K asking price and which is now on with a different EA for 390K asking price. I would laugh but it just ain't funny anymore.

Glad to see you posting again SwanseaPropertyAgent - can you share with us any news of the local market, what is happening, how are EAs feeling, etc, etc? Hope you are doing well.

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There is a house I am interested in with one of the more pricer EAs. Been on the market for a year and has had an 'Under Offer' sign on it for 6 or 7 months now. I have regularly enquired about this house and the EA simply says "It is going through this week" but they have been saying that weekly now since about July.

I am going to pop down and knock on the door today or tomorrow - doubt it will help as I think it is a second home owner living away... but either the EA is talking balls or they have it listed in their office whilst, IMPO, the seller no longer has the listing with them or anyone.

I might even go and view a house in the Mayals which I viewed last year for 320K asking price and which is now on with a different EA for 390K asking price. I would laugh but it just ain't funny anymore.

Glad to see you posting again SwanseaPropertyAgent - can you share with us any news of the local market, what is happening, how are EAs feeling, etc, etc? Hope you are doing well.

I have been very busy and have had no time at all to visit let alone post.

Not sure what other EA's are feeling or saying as I/we don't tend to have any contact with them other than collecting keys. I do still hear their valuations though when I go to value the same properties. They seem to be going round in circles. One minute they are over-valuing to gain instructions, then the same EA have a mind change the next month and under-value to push sales through. I suppose it is just a numbers game for them.

I think I mentioned a couple of years ago that when I launched my business I contacted most of the EA's to give them leads that I was generating, but had no property on my books for them. They did not want them at that time because business was good and I was of no use. I'm sure they would love my leads and contacts today.

The market is dead to an extent. The larger properties are still selling provided they are priced correctly. Problem I am still having is that vendors want to use me and my company, but they have had other valuations, so they want me to market at silly prices. Unfortunately I can't turn business away and take on the instruction hoping to work on the vendor over time to reduce. Not much luck with that though :(

When we market at a sensible price, we are still finding lots of interest.

The lower end of the market which you would find FTB's looking at in general is still ok if you have plenty of investors in your phone book. There are very few FTB's at the moment with a high enough budget to sell most properties to. Most of our sales do not get to the market due to us using companies to source properties for investors or we have landlords selling their portfolios one property per year.

Land is very popular at the moment and we can't get hold of enough to satisfy demand.

I have focused on lettings and property management for 6 or 7 years now, but with all the EA's now turning to this market to increase income it is getting harder, but the market is still excellent.

Now that we have everything in place and a solid letting portfolio I have turned my focus to everything else. We will start to advertise more in the new year and dare I say it 'give the evening post another go'. This is just to help get our name out there a bit more. If it works, then we will keep it up, but I have always found it too expensive for the number of leads it generates. I have also been looking to build all the other areas for the company which is student property, commercial, land and investments.

Going pretty well at the moment and I can't complain. The company is building month on month and it is a case of keeping everything tight, so that we don't stretch ourselves too much chasing money. We have just launched a building company too. This is mainly for maintenance on lettings to help us keep on top of repairs and not have cowboys doing any work. The other is for the investment side to offer a complete package on properties to investors if there is a lot of work required to prepare a property to let.

Talking of house price changes. Look at this:

Yo-yo price

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  • 150 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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